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reporter: republicans say to be fair, the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i've said is i am prepared to do everything i can to make sure that medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock, he remains optimistic but also asserted democracy is messy. >> one way or another, we'll get through this. do i wish that things were more orderly in washington and rat n rational and people listened to the best arguments and compromised and operated in more thoughtful and organized fashion? absolutely. but when you look at history, that's -- that's been the exception rather than the norm. >> that was nbc's kristin welker reporting there. >>> now for a look at your new year's eve weather, here's nbc meteorologist bill karins. good morning you to. is it too early to say happy new year's? >> no. why not? >> happy new year's eve. happy new year's eve. >> let's go there. this is it. cold a
reporter: republicans say to be fair, the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i've said is i am prepared to do everything i can to make sure that medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock, he remains optimistic but also asserted democracy is messy. >>...
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Dec 30, 2012
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it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans that might be an avenue of success? >> there -- those conversations and discussions continue. and we remain hopeful that that will get a breakthrough. on veryiously, what had happened here between the two leaders in the senate had broken down because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. so hopefully, the discussions between the vice president and senator mcconnell will get us back on track, hopefully get a breakthrough and something we can vote on, hopefully today or tomorrow that will avert what we believe will be an economic di
it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans...
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> reporter: republicans say to be fair the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i said is i'm prepared to do everything i can to make sure medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock he remains optimistic but asserted democracy is messi. >> one way or another we'll get through this. do i wish that things were more orderly in washington? and ration enamel? and people listened to the best arguments and compromised and operate in a more thoughtful and organized fashion? absolutely. when you look at history that's the exception rather than the norm. >> now here is your "first look" at politics. long lines in florida discouraged 49,000 people in voting. on "meet the press" tom brokaw says there's a simple explanation for what's wrong with our election and lawmakers sent to washington. >> the system is rigged. 75% of the congressmen come from gerry mandered districts in which they
> reporter: republicans say to be fair the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i said is i'm prepared to do everything i can to make sure medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock he remains optimistic but asserted democracy is messi. >> one way or...
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the budget of the president, $5.3 trillion deficit. people understand that. they know about his war on fossil fuels. here we are in a position of having the most recoverable fossil fuels reserves of any country in the world. we could be totally independent in a matter of weeks, and he won't let us develop our own resources. those are three things what he is doing to the military and all of that, that people are aware of. they are not aware of the cost of the regulations that he has. now, i would just use three of the regulations he was putting off until after the election. one having to do with the boiler mac. it was the regulations on boilers. every manufacturer has a boiler. that would be $63 billion cost in taxes and 800,000 jobs. coal the same way. he actually did away with coal by having an emissions requirement where there is no technology that will reach it. that will be 1.65 million. the reason i mention these, i could be talking about a lot of different regulations. but if you add up these three regulations, that would be $100
the budget of the president, $5.3 trillion deficit. people understand that. they know about his war on fossil fuels. here we are in a position of having the most recoverable fossil fuels reserves of any country in the world. we could be totally independent in a matter of weeks, and he won't let us develop our own resources. those are three things what he is doing to the military and all of that, that people are aware of. they are not aware of the cost of the regulations that he has. now, i...
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Dec 27, 2012
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finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. there were some key elements. one was the proliferation of blue-collar workers in united states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do you invest them? where do you keep them? you keep them with the low inflation rate. that is one reason. one mechanism that helps attract the capital from the rest of the world and close the loop. wall street was another. it has an amazing capacity to create a metaphysical value out of nothing. walmart was another. is promoted the ideology of cheapness, which was calculated so brilliantly. nobody needs a gallon of pickles. i don't think it fits in a fridge. why was walmart producing it? i think it was a symbolic gest
finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. there were some key elements. one was the proliferation of blue-collar workers in united states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do...
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they want to talk about the debt, they want to talk about the deficit. they want to talk about simpson/bowles, they want to talk about this and that. it's not revenue, it's spending, it's not the speaker, it's the president. it's fantasy land. somebody needs to get in the republican party that can actually make a deal, negotiate with democrats, the president and the vice president and get something done. we do not have to go over the cliff. we can stop this if the republicans are serious about governing this country. >> and welcome to fantasy island. joining us now from washington, we have republican representative from oklahoma, congressman tom cole. congressman, thank you very much for coming back on the show this morning. >> thank you, mika. >> we also have ed rendell still with us, san deanor, dr. hensac in washington as well as michael steele in washington. so we have a great panel to talk to you, congressman, this morning. you were the guy willing to cut a deal, i think at that $250,000 limit. i don't know how ostracized you got from your party on
they want to talk about the debt, they want to talk about the deficit. they want to talk about simpson/bowles, they want to talk about this and that. it's not revenue, it's spending, it's not the speaker, it's the president. it's fantasy land. somebody needs to get in the republican party that can actually make a deal, negotiate with democrats, the president and the vice president and get something done. we do not have to go over the cliff. we can stop this if the republicans are serious about...
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republicans would like to see more deficit reduction. so, they're saying if there are new taxes, spend it down on the deficit, don't use it for spending. chris? >> now, kelly, one other quick question. you've been up there probably for the last 96 hours, maybe more straight. what's the mood? i know we've got this report that mcconnell and joe biden worked late into the evening and that there seems to be a little bit more positivity than maybe when people like me went to bed last night, a little early. so, is the mood moving in the direction of a deal? is that what -- because it seemed like pessimism sort of toward the late afternoon yesterday. where are we right now, quickly? >> reporter: it does fluctuate. there is exasperation and frustration, especially from members here waiting to vote on something but have nothing to look at. they are wanting to see something done. the people closest to it tell us they are still working at it, that they see there isn't one particular issue that would make this all fall apart, but they're not there y
republicans would like to see more deficit reduction. so, they're saying if there are new taxes, spend it down on the deficit, don't use it for spending. chris? >> now, kelly, one other quick question. you've been up there probably for the last 96 hours, maybe more straight. what's the mood? i know we've got this report that mcconnell and joe biden worked late into the evening and that there seems to be a little bit more positivity than maybe when people like me went to bed last night, a...
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the ability to fund the deficit goes on without much hiccup at all. we're still paying low rates for borrowing. 1.7%. all those predictions were -- >> they were playing ridiculously low rates in greece too. it's a dollar bubble. it's a treasury bond bubble. will it burst in 2013? maybe. it's going to burst eventually. it has to burst. >> peter, it's not a model. it's not a model to say something bad will happen eventually. >> your model about being a pollyanna and having your head in the sand -- >> it's not. >> how did you miss the financial crisis? >> i have no idea what you're talking about, peter. i have no idea what you're talking about. i was one of the first reporters to report on the housing and the mortgage crisis. i'll show you the clips. >> you were one of the guys laughing on me when i was report -- >> like a lot of what you say is ridiculous. >> guys, guys. [ overlapping speakers ] >> time-out. >> something bad will happen eventually, peter. >> time-out guys. i have a question for you peter. you're predicting currency crisis and significan
the ability to fund the deficit goes on without much hiccup at all. we're still paying low rates for borrowing. 1.7%. all those predictions were -- >> they were playing ridiculously low rates in greece too. it's a dollar bubble. it's a treasury bond bubble. will it burst in 2013? maybe. it's going to burst eventually. it has to burst. >> peter, it's not a model. it's not a model to say something bad will happen eventually. >> your model about being a pollyanna and having your...
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i want it to go for deficit reduction. but that's not what we're hearing. >> the sequestration delay that republicans would like to see a 30-day delay. take it to the march deadline for the debt limit. the democrats want to go further out. what would you accept? >> the sequestration was signed into law by the president 18 months ago. it takes effect january 2nd. it was an important part of the last debt limit discussion. there's no way in the world that you can play that forward to the next debt limit discussion. that just doesn't work. the sequestration has to go forward as it is written as the president signed into law. remember all of this, the tax piece, the sequestration and don't forget obama care taxes, all of those were things signed by the president. clearly he wanted this scenario, or he wouldn't have signed those pieces of legislation. >> i would like to push a bit more on bill's previous question about tax hikes. because if i'm not wrong and do correct me if i'm wrong, you have said before that you would not vo
i want it to go for deficit reduction. but that's not what we're hearing. >> the sequestration delay that republicans would like to see a 30-day delay. take it to the march deadline for the debt limit. the democrats want to go further out. what would you accept? >> the sequestration was signed into law by the president 18 months ago. it takes effect january 2nd. it was an important part of the last debt limit discussion. there's no way in the world that you can play that forward to...
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we need to reduce our deficit. and so it's important to ask folks at the very top to go back to paying their clinton-era rates on the amount of income above $ 250,000. and tom was right about that. >> i'm not trying to get him into trouble. i don't see it that way. you couldn't get me in any more trouble. but seriously, republicans need to step back here, take a breath and say, look, we couldn't make the bush tax cuts permanent for anybody, when bush was press we had both houses. we're on the verge of getting at least 80%, maybe more, for at least 98% of the american people. that's a huge win. and once that revenue is off the table it's going to be very hard for democrats to ever put it back on the table. it actually forces them towards spending and entitlement reform in places they're historically uncomfortable. >> chris would you be more comfortable if we went back to those rates to consider a simpson-bowles overall tax reform? is that just gone? you know, the rate there was 28%. once you get back to 39% isn't it
we need to reduce our deficit. and so it's important to ask folks at the very top to go back to paying their clinton-era rates on the amount of income above $ 250,000. and tom was right about that. >> i'm not trying to get him into trouble. i don't see it that way. you couldn't get me in any more trouble. but seriously, republicans need to step back here, take a breath and say, look, we couldn't make the bush tax cuts permanent for anybody, when bush was press we had both houses. we're on...
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Dec 30, 2012
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president says he wants to do and romney says he wants to do when we got -- when we have a trillion dollar deficit. >> just a few days before the election day and you're analysis of the polls have given the president better than 80% chance of winning re-election? >> the fact that the president leads in the polls in ohio and iowa states where you would need -- he would need to win 207 electoral votes means he's the favorite in the electoral college. >> this is the era of flation. bernanke is writing checks, mar maria. >> writing checks from the -- >> my friend steve jobs has lots of cash in the bank. >> you started brewing sam adams beer in your kitchen in 1984. tell me how that happened, how -- how did you decide you wanted to brew your own beer in the kitchen? >> well, i come from six generations of brew masters, so beer was kind of in my history, in my blood. about .06, that s still legal. >> homeless to a little their? >> we believed what we did would work, no matter how bad times were. >> in 2020, are we going to be in a much better place? the alternative was not the greatest health care syste
president says he wants to do and romney says he wants to do when we got -- when we have a trillion dollar deficit. >> just a few days before the election day and you're analysis of the polls have given the president better than 80% chance of winning re-election? >> the fact that the president leads in the polls in ohio and iowa states where you would need -- he would need to win 207 electoral votes means he's the favorite in the electoral college. >> this is the era of...
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this would increase the debt and deficit. republicans have one choice in the house. i don't know if boehner is able to do it. we'll go over the cliff of midnight tonight. the rates will be at the high rate. the bush tax cut will be over. if boehner is smart and the republicans including the conservatives in the caucus are smart, they would accept that, because there is no way it will be stopped. on thursday, the new republican house, should pass a bill, stand-alone bill that abolishes -- well, say that in reenacts the bush cuts for everybody up to $450,000. do it as a straight tax reduction. those who resisted it a week ago tax hike on the rich can argue it's not a hike, the hike already happened. but that is the only way to pre-empt obama extending all of this and making the republicans, fall guys for a hike in middle class taxes. >> bret: we're assuming it is past the senate. you have senators who have all expressed major concerns. >> you just know three most liberal senators, it's absurd, it should be million. >> you know anybody can stand up in the senate to caus
this would increase the debt and deficit. republicans have one choice in the house. i don't know if boehner is able to do it. we'll go over the cliff of midnight tonight. the rates will be at the high rate. the bush tax cut will be over. if boehner is smart and the republicans including the conservatives in the caucus are smart, they would accept that, because there is no way it will be stopped. on thursday, the new republican house, should pass a bill, stand-alone bill that abolishes -- well,...
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Dec 28, 2012
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the eu is giving madrid more time to get its deficits in line. reductions in health spending are only part of the total to save, but the symbolic value of cutting medical care is great, and so is public anger. >> the son of pakistan's former prime minister has made his first political address. he told party supporters that he would carry forward his mother's legacy, saying that she had sacrificed her life for democracy. benazir bhutto was killed in a gun and bomb attack during her 2007 campaign. >> in student was brutally gang rape on a bus earlier this month, and the prime minister promised to review rape laws and punishments. demonstrators again took to the streets today, calling on the chief of the police department to step down. the government has also ordered an inquiry into the police handling of the case. meanwhile, the young woman whose case sparked the protests has flown to singapore for treatment. her situation remains critical. and internet where there are no political restrictions or government fire walls and were free discussion is t
the eu is giving madrid more time to get its deficits in line. reductions in health spending are only part of the total to save, but the symbolic value of cutting medical care is great, and so is public anger. >> the son of pakistan's former prime minister has made his first political address. he told party supporters that he would carry forward his mother's legacy, saying that she had sacrificed her life for democracy. benazir bhutto was killed in a gun and bomb attack during her 2007...
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Dec 26, 2012
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deficit $536 billion. $536 million. back then social security made up 6.5%. 6.5%. of the federal budget. 6.5%. the decayed and medicare didn't exist back then. let's compare that to what we are doing now. a 20% of the budget on social security, and then we throw a 21% more of the federal budget for medicare, medicaid, and another 13% for other social programs, food stamps. so that comes up to a whopping 54% of the budget. 54%. forgot to mention this. it is kind of important, isn't it? back than median family income was about $38,000. $38,000. today it is $62,000. we will pretend that looks like a two and that looks like a six. we haven't done too well, more than half a century in raising a the median income ine this country and that is something he is right about, we do have to fix that. imagine this, it's got a nobel prize. the unions made up 24% read today that number a rather convenient because a reduction by half of 12% right now. it tells which were the country is moving in this nostalgia for a 91% tax rate. i want
deficit $536 billion. $536 million. back then social security made up 6.5%. 6.5%. of the federal budget. 6.5%. the decayed and medicare didn't exist back then. let's compare that to what we are doing now. a 20% of the budget on social security, and then we throw a 21% more of the federal budget for medicare, medicaid, and another 13% for other social programs, food stamps. so that comes up to a whopping 54% of the budget. 54%. forgot to mention this. it is kind of important, isn't it? back than...
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Dec 24, 2012
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it's not going to come anywhere near reducing the deficit by a trillion dollars. if you do this tax increase on the rich, you maybe raise 40 billion dollars a year. that's not nothing, but 40 billion dollars over a year over ten years that's 400 billion. we're running a trillion dollars deficit. this is not a solution and not serious. that's why it always comes back to dealing with the spending side of the aisle because that's where the deficits come from. dagen: last thing, steve, what about the fate of house speaker john boehner because there's a lot more at play than just raising taxes on people who make more than a million dollars with what we saw happen last week? >> yeah, you know, i have always been a fan of john boehner's. i've known him for 20 years. i think he's a strong conservative. he's got a bit of a conservative revolt on his hands dagen. any time you have a high-profile issue like this and you are about to bring to it the floor and you have a revolt among your own members of your own party, that's a bad thing if you want to retain your speakership.
it's not going to come anywhere near reducing the deficit by a trillion dollars. if you do this tax increase on the rich, you maybe raise 40 billion dollars a year. that's not nothing, but 40 billion dollars over a year over ten years that's 400 billion. we're running a trillion dollars deficit. this is not a solution and not serious. that's why it always comes back to dealing with the spending side of the aisle because that's where the deficits come from. dagen: last thing, steve, what about...
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we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most important issue, but it's the central one. grover norquist told you his strong opposition to any tax increases of any sort. many republicans share his view. let's look at the economy. obviously across the board tax increases would hurt the economy. but what will the real economic reaction be to small tax increases on the wealthiest americans? now, annie lowrie of the "new york times" is still with us. i always have to make sure my viewers understand i am not advocating for tax increases on the rich. i want to explain what could happen. i want to bring in jean za
we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most...
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deficit reduction seems like a fair way to approach that. there are millions more people than available jobs. host: george zornick, thank you. late night for you. guest: i spent more time on new year's eve that i would have cared to. host: thank you for getting up early. next up, the conservative perspective from charles hurt. first a news update. >> john boehner is not endorsing the agreement on the so-called fiscal cliff. he has promised to vote on it right away. he is expected to encounter opposition. one camp earlier said, "it's three strikes in my book and i will be voting no on this bill." the legislation would impose a hardship and fall short on addressing the need in spending. president obama praised the agreements. coats to place on the other side of the capital on issues other than the so-called fiscal cliff. -- votes took place on the other side of the capital. extra cash for the fight against al qaeda and the fight against foreign governments trying to spy on the united states. mike rogers said the bill holds personnel levels at
deficit reduction seems like a fair way to approach that. there are millions more people than available jobs. host: george zornick, thank you. late night for you. guest: i spent more time on new year's eve that i would have cared to. host: thank you for getting up early. next up, the conservative perspective from charles hurt. first a news update. >> john boehner is not endorsing the agreement on the so-called fiscal cliff. he has promised to vote on it right away. he is expected to...
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we have to make cuts in budgets because we're dealing with a record debt in deficit. but if he wants to talk about consistency, perhaps he can explain why his own members of the european parliament voted against the budget freeze that we achieved last year. perhaps he could explain why the socialist group the european parliament are calling not for a freeze in the budget or an increase, but for a $200 billion euro increase in the budget. and while they're at it, they want to get rid of the rest of the economic rebate. >> reality is this -- he can't convince anyone in europe. last year he flounced out of the december negotiations with a veto and the agreement went ahead anyway. he threw in the towel even before he's begun. he's week abroad. he's week at home. he's john major all over again. >> a few hours later the common debate on the e.u. budget began in earnest. >> now, i think this multiannual framework, the e.u. budget a simple word to use is insane. to ask for a 10% real increase above inflation is insulting to our constituents. it's insulting to the people of sp
we have to make cuts in budgets because we're dealing with a record debt in deficit. but if he wants to talk about consistency, perhaps he can explain why his own members of the european parliament voted against the budget freeze that we achieved last year. perhaps he could explain why the socialist group the european parliament are calling not for a freeze in the budget or an increase, but for a $200 billion euro increase in the budget. and while they're at it, they want to get rid of the rest...
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part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work rebuilding our roads, our bridges, our schools, in part, paying for it by some of these broader, long-term deficit reduction measures that need to take place, that will grow our economy at a time while setting our path for long-term fiscal stability. number three, we have a long-term opportunity around energy. america can become an energy exporter. how do we do that in a way that deals with some of the environmental challenges that we have at the same time? that's going to be a third thing. but the most immediate thing i've got to do, starting on january 1st, if congress doesn't act before the end of the year is make sure that taxes are not going up on middle class families. because it is going to be very hard for the economy to sustain its growth trends if suddenly we have a huge fight taken out of the average americ
part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work rebuilding our roads, our bridges, our schools, in part, paying for it by some of these broader, long-term deficit reduction measures that need to take place, that will grow our economy at a time while setting our path for long-term fiscal stability. number three, we have a long-term...
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. >> the revenue that has beencams being used not to reduce deficit but to keep spending cogs that s that have been agreed to from not happening. >> suessy it looks like a source negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good chance of that. can we assume that the democrats and represent republicans are ch they are going to sign off in the next couple of days or has the dynamics changed. >> my new years resolution is tl ball. >> glad to hear that. >> it will take a lot.the sensr and they expect to have a vote by the time the ball drops or maybe just after. the house looks like it's going to come back at 12:00 tomorrow. that's the most difficult part. >> we are hearing that perhapsnt get a lot of democratic votes to pass wha whatever the central gs tomorrow. if it doesn't come together tomorrow it will come together soon. >> susie: we are listening forwe listening to this drama. how
. >> the revenue that has beencams being used not to reduce deficit but to keep spending cogs that s that have been agreed to from not happening. >> suessy it looks like a source negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good chance of that. can we assume that the democrats and...
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are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: as senate aide says it was designed to try to jumpstart the talks and consequences of getting a tax increase is a huge concern. >> gregg: what went awry in these talks? >> you heard senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >>
are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be...
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Dec 27, 2012
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and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. -- game over. but if you are the united states of america and there are certain -- and you have the reserve currency of the world, and certain other factors that i will touch upon later, what you can do is you can expand your deficit as long as you create the circumstances so that german entrepreneurs, later chinese, take their profit, which they earned and they send it to wall street. thus closing the cycle, the recycling loop. so, effectively what we have between 1940's and 1971, 1973, you had global surpluses being recycled from united states to the rest of the world. the capitalist world. the western world. ok? so, the united states was an exporter to europe and japan. it was making profits. it was then recycling to europe and japan. so they would keep on buying. once the surplus shifted to japan, germany, and china, the idea that volcker had was a we will swap this. we will just turn it on its head. we will e
and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. -- game over. but if you are the united states of america and there are certain -- and you have the reserve currency of the world, and certain other factors that i will touch upon later, what you can do is you can expand your deficit as long as you create the circumstances so that german entrepreneurs, later chinese, take their profit, which they earned and they send it to wall...
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Dec 30, 2012
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the deficit and the debt and that is happening today to put a patch on not going over the cliff. there has to be new revenues and some entitlement reform, and cpi is the most painless way to do it. and the president offered it in a deal as recently as a week or two ago, and spending cuts, but right now, it is not a grand bargain, because we have the debt ceiling hanging out in two months. this is an attempt to avoid political pain and going over the cliff and we can't get an agreement on a patch with less than 36 hours to go. >> and don, this is the problem, something is the going to hurt. we can't get out with no pain, and we have all sorts of things and nobody wants to pay for it, don. >> you two are fired up, too. and the people at home are too, right. >> and 516 days since we knew that the deadline would come. >> and right at the deadline, and they are going home. >> right. and we are not. >> we are not. we will be here until who knows. okay. a stalemate or breakthrough? with hours to go, lawmakers are searching for a compromise. what are the chances of reaching a deal in was
the deficit and the debt and that is happening today to put a patch on not going over the cliff. there has to be new revenues and some entitlement reform, and cpi is the most painless way to do it. and the president offered it in a deal as recently as a week or two ago, and spending cuts, but right now, it is not a grand bargain, because we have the debt ceiling hanging out in two months. this is an attempt to avoid political pain and going over the cliff and we can't get an agreement on a...
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the president and house speaker john boehner had once talked of a grand bargain with $4 trillion in deficit reduction. instead the congressional budget office calculated today that extending the bush era tax cuts for 99% of americans would add $4 trillion to the deficit over the next decade. the senate measure delays mandatory pentagon and domestic spending cuts by two months. as the house convened at midday a number of republican congressmen complained the bill is still too heavy on tax hikes and too light on spending cuts. ohio's steve la tourette dismissed it as a, quote, package put together by a bunch of sleep-deprived october octogenenarians on new year's eve and the alabama representative said the house needs more time. >> the house must postpone this vote until congress and the american people have time to study and evaluate this extraordinarily complex legislation and its impact on taxes, revenue, the economy our debt and a myriad of other issues. >> woodruff: tennessee democrat steve cohen warned about the consequences of not taking the senate deal. >> my district can't afford to
the president and house speaker john boehner had once talked of a grand bargain with $4 trillion in deficit reduction. instead the congressional budget office calculated today that extending the bush era tax cuts for 99% of americans would add $4 trillion to the deficit over the next decade. the senate measure delays mandatory pentagon and domestic spending cuts by two months. as the house convened at midday a number of republican congressmen complained the bill is still too heavy on tax hikes...
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created this cliff situation when they failed to agree on a budget that would help the country reduce its deficit and its you mongers debt and what they did was what they usually do they put off those important decisions until a certain deadline that deadline is now so they came up with this scary word cliff to create lots of drama around what should be the ordinary maybe somewhat boring working process of any congress or parliament that is to agree on a budget the need to deadlines so the cliff which actually describes the mode in which the congress is working their inability to make decisions until the very very last minute the cliff that u.s. lawmakers have artificially created could become very real for the american people the vast majority of them over one thousand government programs would be cut it would hit the unemployed very hard they would stop getting unemployment benefits there would be other automatic cuts and tax hikes that would mostly affect those who are financially insecure but everyone knows even if the lawmakers don't meet the january first headline they can pass measures ret
created this cliff situation when they failed to agree on a budget that would help the country reduce its deficit and its you mongers debt and what they did was what they usually do they put off those important decisions until a certain deadline that deadline is now so they came up with this scary word cliff to create lots of drama around what should be the ordinary maybe somewhat boring working process of any congress or parliament that is to agree on a budget the need to deadlines so the...
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. >> the revenue that has beencampain on for now a year it is being used not to reduce deficit but to keep spending cogs that cuts that have been agreed to from not happening. >> suessy it looks like a sourcethat told me they are negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good chance of that. can we assume that the democrats and represents republicans are close enough they are going to sign off in the next couple of days or has the dynamics changed. >> my new years resolution is tofix the cracks in my crystal ball. >> glad to hear that. >> it will take a a lot.the sens 23,459 senate is coming together and they expect to have a vote by the time the ball drops or maybe just after. the house looks like it's going to come back at 12:00 tomorrow. that's the most difficult part. >> we are hearing that perhapsnancy pelosi may have to gleet get a lot of democratic votes to pass what whatever
. >> the revenue that has beencampain on for now a year it is being used not to reduce deficit but to keep spending cogs that cuts that have been agreed to from not happening. >> suessy it looks like a sourcethat told me they are negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good...
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budget policies in many different areas amount of money that it can do it can spend to deal with the deficit but of course the problem itself in europe is of course austerity and that's hurting it creating a lot of unemployment it's creating a very severe recession so arlen's medicine that they're taking and partly suffering from but they're getting on with it isn't really vital for the rest of europe so if they're going to be driving forward the agenda in the european union for the next six months that's not the. economic problems and indeed ireland is one of the most problematic as you say of the troubled states and has not got enough to deal with without holding the e.u. presidency as well at this stage. well yes it does have a great deal of challenges in the you of course the budget situation in europe in the european union isn't sorted out yet the whole situation regarding britain's membership is coming to the fore britain of course maybe will be having a referendum at some point on britain's terms of membership all these issues need to be discussed and agreed in the forthcoming year an
budget policies in many different areas amount of money that it can do it can spend to deal with the deficit but of course the problem itself in europe is of course austerity and that's hurting it creating a lot of unemployment it's creating a very severe recession so arlen's medicine that they're taking and partly suffering from but they're getting on with it isn't really vital for the rest of europe so if they're going to be driving forward the agenda in the european union for the next six...
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weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax hikes and spending cuts automatically come into effect on january the first activist and journalist says it's not the deadlock that bothers him but what has already been agreed upon. the real problem in my eyes is not the fact that they can't reach an agreement but rather that they have reached an agreement on many fundamental things the grievance they have reached is that neither of them are going to advocate to put more money in the hands of working people they have no problem whatsoever removing a trillion dollars or two trillion dollars from the economy and delivering it to the bankers they did that inside of twenty days back in two thousand and eight and again in two thousand and nine with very little discussion. everyone agrees on both sides of the aisle that sums sort of reduction in benefits from social security and medicare is inevitable quote unquote well you know the rest of us don't believe that it's inevitable or even that it's nec
weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax hikes and spending cuts automatically come into effect on january the first activist and journalist says it's not the deadlock that bothers him but what has already been agreed upon. the real problem in my eyes is not the fact that they can't reach an agreement but rather that they have reached an agreement on many fundamental things the grievance...
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finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. one was, the commiseration of blue-collar workers in the united states. there were some key elements. one was the proliferation of states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do you invest them? where do you keep them? you keep them with the low inflation rate. that is one reason. one mechanism that helps attract the capital from the rest of the world and close the loop. wall street was another. it has an amazing capacity to create a metaphysical value out of nothing. walmart was another. is promoted the ideology of cheapness, which was calculated -- encapsulated so brilliantly. nobody needs a gallon of pickles. i don't think it fits in a fridge. wh
finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. one was, the commiseration of blue-collar workers in the united states. there were some key elements. one was the proliferation of states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were...
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having said that, it has become part of our deficit negotiation. i'm troubled by the notion that we're somehow going to give a tax break to some 6,000 very fortunate americans and incur a new expense for our federal government of some $130 billion or $140 billion in the process. what are we thinking? at a time whaoef to try to -- we have to try to bring together the resources to reduce our deficit, why would we want to give a new bonus break for the wealthiest people in this country when it comes to the estate tax. at that to me would be a step backwards. i hope we are not forced into any agreement that includes it, although i stand here knowing full well that if there is an ultimate compromise there will be parts of it i find disgusting and reprehensible which i may have to swallow in the name of following a compromise to avoid the fiscal cliff. that is the nature of a compromise. i hope that one isn't included but it may be. we have to do things important for this economy and one of the most important is to make sure we extend unemployment benefi
having said that, it has become part of our deficit negotiation. i'm troubled by the notion that we're somehow going to give a tax break to some 6,000 very fortunate americans and incur a new expense for our federal government of some $130 billion or $140 billion in the process. what are we thinking? at a time whaoef to try to -- we have to try to bring together the resources to reduce our deficit, why would we want to give a new bonus break for the wealthiest people in this country when it...
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might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael duffy, and also "time" columnist joe klein. and we'll hear from major garrett and nancy cordes. >> you going to get a deal today, sir? >> hope so. >> o'donnell: it's all ahead because this is "face the nation." captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. substituting for bob schieffer, cohost of "cbs this morning," norah o'donnell. >> o'donnell: good morning, again. tom coburn and dick durbin are here, and we'll turn to both of you in just a moment. but we want to start with some new information from chief white house correspondent major garrett
might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael...